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Economics Past Questions and Answers

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Waec Economics Questions

Question 266:

A firm's compulsory cost whether it is in production or not , is referred to as its

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A Prime cost
B Variable cost
C Marginal cost
D Fixed cost
E Average cost

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Question 267:

A scale of preference is a list

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A Of consumer's wants arrange in order of importance
B Thaqt helps the individual to make rational choice
C That enables the consumer to make a wise decision about his choice
D That is necessary because human beigns are faced with competitive wants
E Os all satisfied wants arrange in order of magnitude

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Question 268:

An economic system in which the state owns and controls the means of production is known as

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A Free enterprise
B Socialist economy
C Mixed economy
D Capitalist economy
E Welafare company

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Question 269:

Which of the following is not a middleman in the distribution channel? The

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A Wholesaler
B Distributor
C Agent
D Cosumer
E Retailer

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Question 270:

Division of labour gives rise to

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A The exchange of goods and services
B The use of barter system
C The production of limited goods
D Unemployment
E Delay in production

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